Property Overview: 864 Renfrew Street, Winnipeg

Section 1: Key Characteristics & Appeal

This home on Renfrew Street in the Mathers neighbourhood presents a compelling mix of space, value, and potential. Its most standout feature is the exceptionally large lot—over 9,500 square feet—which places it in the top 1% of properties on its street. This offers rare potential for gardening, expansion, or simply enjoying generous outdoor space in the city. Built in 1958, the house itself is newer than many in the immediate area and carries an assessed value that ranks well above local and city averages, suggesting a solid foundation of municipal valuation.

The appeal here lies in a clear value proposition: you are acquiring a property with a land footprint that is increasingly scarce, paired with a home that holds above-average assessed worth for its area. The living space is practical and aligns with neighbourhood averages, making it a comfortable fit. This property would suit a buyer who sees long-term value in land, whether for personal use, future development, or as a hedge in a stable neighbourhood. It’s also a sensible choice for someone looking for a home with established character and the room to grow, without being priced into the upper tiers of the city market.

Section 2: Frequently Asked Questions

1. What does the "above average" assessed value actually mean?
It means the city’s tax assessment for this home is higher than most comparable properties on its street and in Mathers. This often reflects desirable attributes the city recognizes, like its large lot and relatively newer build year, but it’s important to distinguish this from current market value.

2. The lot size is elite, but the house size is average. What are the implications?
This configuration is key to the property’s character. It offers a balance of comfortable living space indoors with exceptional outdoor potential. For the right buyer, the land represents the primary asset—offering privacy, room for additions like a garage or workshop, or simply a large yard—while the house provides a functional starting point.

3. How does the 2021 sale price compare to the current assessed value?
The home sold for an estimated $450k-$500k in 2021. Its current assessed value is significantly lower at $50,400k. Remember, municipal assessments for tax purposes are not market appraisals; they use a different methodology and often lag behind current market prices. The assessment suggests a strong tax-value foundation, but market value is determined by buyers and sellers today.

4. Is the 1958 build year a concern?
Built in 1958, this home is actually newer than many of its neighbours. While any home of this age will require due diligence regarding its roof, windows, and major systems, its "above average" ranking for year built indicates it may have an advantage over older area homes in terms of potential wear and updates needed.

5. Who are the most likely neighbours or comparable buyers?
Given the data, likely neighbours are long-term residents in well-maintained, mid-century homes. The buyer best suited for this property values space over flash, understands the long-term asset of land, and is likely practical—someone comfortable with a home that may benefit from updates but is situated on a premium lot.